Bailout Italian Style: Italy Throws FCA A $7.1 Billion Life Line

Italy has approved a decree offering state guarantees for a 6.3-billion-euro ($7.1 billion) loan to Fiat Chrysler Automobiles, a person familiar with the matter said, paving the way for the largest crisis loan to a European automaker.

The person said Italy's audit court had signed off on the decree, in a final step of what had been a lengthy and contested process to get the loan approved. The court's approval follows an earlier endorsement by the economy ministry.

"The audit court authorized the decree," said a source, who is close to the matter and asked not to be named because of its sensitivity.

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MDarringer - 6/24/2020 10:41:05 AM

0 Boost

Just more proof that FCA is in deep caca from having been run into the ground by Marchionne and then ever deeper with the even more incompetent Manley.

The entire Italian arm needs to be put out of business.